Write and explain accounting policies used in preparation of financial statement for any Ghanaian organization

Expert Solution

accounting policies used in preparation of financial statement for any Ghanaian organization

Accounting policies are very important for the proper understanding of the information provided in the financial statements. An entity should clearly state the accounting policies it has used while preparing the financial statements. Disclosure of accounting policies is important because many accounting standards allow alternative treatments for a same transaction or item. Users of financial statements will not be able to compare the financial information with other entities if the accounting policies are not cleared outlined.

The presentation and preparation of financial statements should be performed in accordance with the Sections 25-31 of the Companies Act. Financial statements must include:

Statement of Financial Position
Statement of Profit or Loss and Other Comprehensive Income
Statement of Distribution
Statement of Cash Flows
Statement of Changes in Shareholder’s Funds
Notes to Financial Statements

ekkarill92 answered 1 year ago

Write and explain the accounting policies used by Ghana Gas Company in its financial statements preparation

Write and explain accounting policies for organization

WRITE AND EXPLAIN ACCOUNTING POLICIES FOR AN INTERNATIONAL ORGANIZATION

Write and explain the accounting policies used by Ghana Ministry of Finance in its financial statements...

Write and explain the accounting policies used by Ghana Ministry of Finance in its financial statements preparation

Accounting equation is the basis for the preparation of statement of financial position in accordance to...

Accounting equation is the basis for the preparation of statement of financial position in accordance to IFRS financial statement presentation. Explain

Define the following accounting concepts and explain for each their implications for the preparation of financial...

Define the following accounting concepts and explain for each their implications for the preparation of financial statement 1. business entity concept 2. going concern 3. materiality 4. fair representation

Develop the training manual on any courses, such as Financial Accounting, to be used by the...

Develop the training manual on any courses, such as Financial Accounting, to be used by the freshmen. Material of this manual should include the following: 1. Training objectives 2. Training contents (2 chapters) 3. Learning models 4. Key learning points 5. Exercises, using different training methods, such as games, case studies, group exercises, etc. 6. Diagrams, pictures, graphs, etc. 7. Reference list

WRITE ACCOUNTING POLICIES FOR YOUR ORGANISATION

How do accounting policies and practices affect financial accounting information used for "external" decision making purposes?...

How do accounting policies and practices affect financial accounting information used for "external" decision making purposes? What governing and oversight bodies exist to help ensure timely and accurate reporting of financial information by publicly traded companies? How to internal controls help ensure that financial results are accurately and fairly presented for use by external users?

Explain any four (4) key functions of taxation in the Ghanaian Economy

Question